---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-26-000012"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2026-03-11T23:59:59+00:00"
generated_at: "2026-05-15T14:57:51.567724+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# System1 Q4 revenue down 31% YoY to $51.9M; full-year revenue falls 23% to $266.1M

## Summary
- Full-year revenue $266.1M (-23% YoY); GAAP net loss improved 17% to $81.2M.
- Q4 revenue $51.9M (-31% YoY); adjusted EBITDA $8.2M (-54% YoY).
- Adjusted gross profit margin improved to 58% for FY (from 44%) and 67% in Q4 (from 59%).
- Startpage daily active users 1.6M in Dec 2025 (+42% YoY); Mapquest sessions 36M (+24%).
- Management evaluating balance sheet and capital structure optimization amid Q4 headwinds.

## SEC filing metadata
- accession: 0001805833-26-000012
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2026-03-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583326000012/0001805833-26-000012-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583326000012/sst-20260311.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-26-000012
- JSON: https://secwatch.observer/filing/0001805833-26-000012.json
- Plain text: https://secwatch.observer/filing/0001805833-26-000012.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.